* Google, Citigroup rise after earnings
* Icahn bids for Clorox, shares jump 12 pct
* BHP Billiton to acquire Petrohawk, energy shares jump
* Indexes up: Dow 0.5 pct, S&P 0.6 pct, Nasdaq 1 pct
* For up-to-the-minute market news see [STXNEWS/US]
(Updates to open)
By Edward Krudy
NEW YORK, July 15 U.S. stocks rose on Friday
after strong earnings from Google and Citigroup helped lift
some of the angst about Europe's debt crisis and stalled U.S.
Two large merger offers also helped. BHP Billiton's (BLT.L)
$12 billion offer to purchase Petrohawk (HK.N) lifted shares in
the energy sector, and investor Carl Icahn's offer to buy
Clorox Co (CLX.N) for $10.2 billion pushed those shares 8.2
Google Inc's (GOOG.O) earnings beat the most bullish
forecasts, sending its shares up 12 percent. Citigroup Inc
(C.N) posted higher net income, helped by falling credit
losses, which helped lift the stock 2.5 percent.
"This is good news for Citi and good news for the market,"
said Timothy Ghriskey, co-founder of the Solaris Group. "Very
good numbers here, primarily on lower credit costs."
The Dow Jones industrial average .DJI gained 58.12
points, or 0.47 percent, to 12,495.24. The Standard & Poor's
500 Index .SPX rose 7.87 points, or 0.60 percent, to
1,316.74. The Nasdaq Composite Index .IXIC added 26.45
points, or 0.96 percent, to 2,789.12.
BHP Billiton's bid for Petrohawk, which jumped 64 percent,
drove up shares in the energy sector as investors speculated
more deals ahead. Chesapeake Energy (CHK.N) rose 5.2 percent to
$31.79, while the Select Sector Energy Select Sector SPDR
exchange traded fund rose 1.3 percent to $75.80.
Europe's sovereign debt crisis, stalled budget talks in
Washington and an uncertain economic backdrop have sent stocks
on a roller coaster ride since the spring. The market could be
in for more of that volatility on Friday afternoon.
A health check of European banks is expected to show later
on Friday that as many as 15 lenders need more capital to
withstand a prolonged recession, with criticism growing that
the tests do not encompass the impact of a Greek default.
As deadlock in Washington's budget talks sets in, ratings
agency Standard & Poor's warned there was a 1-in-2 chance it
could cut the United States' top rating if a deal to raise the
government debt ceiling is not reached soon. [ID:nL3E7IF0JL]
(Additional reporting by Angela Moon; Editing by Padraic